🏡 Buncombe County Real Estate Market Update - December 2024 🏡
As we step into 2025, let's reflect on the latest real estate trends in Buncombe County! 📊 Here's how the market shaped up in December 2024 compared to the same time in 2023:
Key Highlights:
✅ New Listings: Up by an impressive 22.9%, with 220 homes hitting the market (compared to 179 in December 2023).
✅ Median Sales Price: Increased by 5.6%, reaching $475,000, indicating steady growth in home values.
✅ Months Supply of Inventory: Increased to 3.0 months (+20.0%), providing more options for buyers.
✅ Pending Sales: Up 8.3%, with 221 homes under contract.
Some Challenges:
🔻 Closed Sales: Decreased by 8.7%, with 242 homes sold, suggesting slightly slower buyer activity.
🔻 Days on Market: Homes are taking 39.5% longer to sell, with an average of 60 days compared to 43 last year.
Year-to-Date Trends:
For 2024, the median sales price rose to $479,900 (+2.1% YTD), while the average sales price climbed to $716,759 (+9.0% YTD). However, total closed sales for the year saw an 11.2% decline, likely due to market adjustments.